Dear President-elect Trump,Your economic advisors apparently haven’t told you this, but the U.S. has a fiscal gap of $206 trillion. It is the present value difference between all projected future spending (including servicing net official debt) and all projected future taxes. If you go to www.theinformact.org, you’ll see overwhelming support by a Who’s Who of economists for fiscal gap accounting. But all the government’s projected future spending, including its defense spending, are included in fiscal gap accounting. Future spending obligations are also included in annual government budgets, adding perspective on why spending cannot be raised too far.

Source: Forbes November 25, 2016 17:48 UTC